When Penn West was coming into the energy market many years ago, it had no idea the kind of future that was waiting for it. The organizations put in place all the necessary measures to ensure that there was success at the end of the year. Investors from all areas of the United States were interested in the company because they knew that the future was going to be bright. People who came across the company portfolio were excited because of the kind of results they were getting. The markets, however, changed after a short time. Things started changing when the energy market started experiencing losses.
Penn West was not ready for some of the challenges that presented themselves after just a short time in the market. Investors started getting worrying profits at the end of the month. To make matters worse, the company was slapped with a fraud case that involved the financial department of the institution, and things were only getting worse each passing day. For Penn West, huge debts started streaming in, and this marked the start of many challenges. Get Additional Information Here.
The leaders of the energy company met with investors in Penn West so that they could come up with the solution the company was facing. Being in debt has never been a great thing for any organization. Penn West has had to work day and night to clear its debts and also clear its fraud case. The initiative started several weeks ago when the organization decided to rebrand. According to the company president, the company will even get a new name.
Penn West will now be using the name Obsidian Energy. The company officials sat down and had a lengthy conversation before they could arrive at this conclusion. Obsidian Energy represents a very strong and extremely durable glass material that can withstand all the tough changes in the climate. Penn West knows that it will be able to associate with the behavior of this glass material in the future, a sign that it is ready to reform. Penn West has announced that the changes will be effective immediately after the company has presented the papers in the relevant authorities.
Currently, the company has approximately 300 employees on staff. Still the company has several subsidiaries including Canetic Resources Trust, Endev Resources Partnership, and Sifton Energy Inc.